InvenTrust Properties Corp. to Pursue a Listing on the New York Stock Exchange
InvenTrust Intends to Commence a $100 Million Modified “Dutch Auction” Tender Offer Concurrently with the NYSE Listing
September 20, 2021 | InvenTrust Properties Corp.
InvenTrust Properties Corp. (“InvenTrust,” “IVT” or the “Company”) today announced that the Board of Directors and management will pursue a listing on the New York Stock Exchange in order to provide liquidity to its shareholders. The listing is subject to, among other things, the Company meeting the NYSE listing requirements and receiving NYSE listing authorization as well as market conditions and changes, and there can be no assurance as to whether, or when, the listing may be completed. The Company intends to list its common stock on the New York Stock Exchange under the ticker symbol “IVT.”
InvenTrust also plans to meet with select investors to present the Company’s business plan and objectives. BofA Securities, Inc. and Wells Fargo Securities, LLC will be acting as advisors to management and the Board of Directors with a potential listing to follow in October.
“We believe InvenTrust’s portfolio of premier Sun Belt, grocery-anchored assets coupled with our flexible capital structure presents a unique investment opportunity within the traded strip center sector,” said Daniel (DJ) Busch, President and CEO of InvenTrust. “We believe pursuing a direct listing at this time will provide immediate liquidity in the most efficient manner for our current shareholders.”
Additionally, the Company announced that, in connection with a potential NYSE listing, it intends to commence a $100 million modified “Dutch Auction” tender offer. The price range for the tender offer has not yet been determined. The Company also reiterated their commitment to increasing the dividend by 5% starting with the fourth quarter 2021 distribution due to be paid in January 2022. The new dividend rate for the fourth quarter will be $0.205 per share, or an annualized rate of $0.821 per share.
About InvenTrust Properties Corp.
InvenTrust Properties Corp. (IVT) is a premier Sun Belt, multi-tenant retail REIT that owns, leases, redevelops, acquires and manages grocery anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. The Company continues to execute its strategy by investing in Sun Belt markets in assets with an essential retail profile, while exhibiting focused and disciplined capital allocation. IVT is also committed to leadership in environmental, social and governance (ESG) issues and has been a Global Real Estate Sustainability Benchmark (“GRESB”) member since 2018. As of June 30, 2021, the company is an owner and manager of 65 retail properties, representing 10.8 million square feet of retail space.
